GE BUYS IN ON EU OFFSHORE WIND

GE to invest $453 mln in European offshore wind; Aims to mass produce 4MW offshore wind turbine by 2012
Gwladys Fouche, Aasachristine Stoltz and Kwok W. Wan (w/James Jukwey), March 25, 2010 (Reuters)

"General Electric Co. [announced it] will invest 340 million euros ($453 million) in offshore wind technology in Europe until 2020…

"Around 110 million euros will be invested in British turbine manufacturing and 105 million euros in engineering and production facilities in Germany, with a target of mass producing GE's new 4 megawatt (MW) offshore wind turbine as early as 2012…"

The EU has ~2,000 megawatts of installed offshore wind capacity and is planning to expand transmission to serve it. (click to enlarge)

"…[GE expects] sales of hundreds of turbines per year until 2020 with most of the sales and manufacturing in Britain and Germany.

"GE also said Britain's budget announcements on a 60 million pound ($89.52 million) offshore wind infrastructure port development competition…was key to the company's investment decision…"

U.S. offshore wind is caught in a web of NIMBY opposition and political intrigue, leaving domestic manufacturers no choice but to go elsewhere. (click to enlarge)

"The rest of the investment comprises 75 million euros in Norway for testing wind turbines and 50 million euros in Sweden on a design facility…

"Billions have been spent on installing onshore wind farms across Europe over the past decade in an effort to decarbonise power generation, with Denmark and Spain already producing half their electricity from wind."